Earnings Per OP Unit of MAALP (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Diluted Earnings per Common Unit

For the three and nine months ended September 30, 2025, MAALP’s diluted earnings per common unit was computed using the treasury stock method, and for the three and nine months ended September 30, 2024, MAALP’s diluted earnings per common unit was computed using the two-class method, as presented below (dollars and units in thousands, except per unit amounts):

	Three months ended September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Calculation of Earnings per common unit - basic
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Unvested restricted units (allocation of earnings)		(52	)		(53	)		(208	)		(163	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	101,070		$	117,255		$	396,351		$	367,573
Weighted average common units - basic		119,960			119,900			119,941			119,865
Earnings per common unit - basic	$	0.84		$	0.98		$	3.30		$	3.07
Calculation of Earnings per common unit - diluted
Net income	$	102,044		$	118,230		$	399,325		$	370,502
Unvested restricted units (allocation of earnings)		—			(53	)		—			(163	)
Distributions to MAALP Series I preferred unitholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAALP common unitholders, adjusted	$	101,122		$	117,255		$	396,559		$	367,573
Weighted average common units - basic		119,960			119,900			119,941			119,865
Effect of dilutive securities		143			—			218			—
Weighted average common units - diluted		120,103			119,900			120,159			119,865
Earnings per common unit - diluted	$	0.84		$	0.98		$	3.30		$	3.07